EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Looks Stable Overall

EUR/USD Technical Analysis

The euro initially did try to rally but gave back some of the gains as we continue to consolidate overall in the currency markets. The US dollar looks like it is continuing to at least try to fight. And if that is in fact going to be the case, then I just don’t see us breaking out of this consolidation region between 1.12 and 1.15. This is a pair that, at this point in time, is simply starting to look a little bit tooppy. And it also looks like it’s looking for a reason to move.

USD/JPY Technical Analysis

The US dollar has rallied slightly against the Japanese yen in somewhat quiet trading, but I think we’ve got a scenario where the 145 yen level above offers a bit of a ceiling. If we can break above that level, then it’s very likely that the US dollar will continue to climb. Keep in mind that the 50-day EMA is starting to race towards that level. If we do pull back, then pay close attention to the 142 yen level below, as it has offered significant support. I do believe that we will continue to consolidate in this area and then try to take off to the upside. If we were to break down below the 142 yen level, then the 140 yen level becomes much more important.

AUD/USD Technical Analysis

The Australian dollar has rallied slightly during trading on Wednesday in the early hours, but the 0.65 level continues to be very difficult to overcome. The shooting star from last week being broken to the upside is the clue for me to start buying the Aussie. As things stand right now, it just looks like we don’t really have enough momentum to get going, but it should be noted that the buyers become just a touch more aggressive over time. So, it certainly is leaning in the direction of breaking out. It just doesn’t have the momentum or catalyst to make that happen yet.

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